Chinese firms do brisk business in Venezuela despite idle factories

Five years after Chinese home appliance maker Haier agreed to build a $912 million factory in Venezuela, its washing machines and refrigerators are almost the only ones available in the country's department stores. The cost of leaving Haier's facility idle is primarily borne by Venezuela's socialist government, because its construction was bankrolled with $800 million borrowed from China. While most foreign firms are being battered by Venezuela's currency controls and product shortages, Chinese companies like Haier are doing brisk business thanks to cooperation deals that give them privileged access to the OPEC nation's economy but leave business risks in the government's hands.

Chinese firms do brisk business in Venezuela despite idle factories source: http://finance.yahoo.com/news/chinese-firms-brisk-business-venezuela-125808306.html